Ethereum Soars to $2.5K as Whale Sell-Off and Retail Buying Offset Staking Demand

Ethereum's price has surged by 26% in recent days, reaching $2.5K after large whale wallets dumped 1.7M ETH, a 2.9% drop in their holdings since May.

The selling pressure from these whales was partly offset by increased staking demand and the entry of retail investors during the Q2 drawdown.

According to Santiment, the number of Ethereum wallets holding between 1-10 ETH rose to over 4.5% of the circulating supply, indicating a shift in accumulation strategy among smaller holders.

The staking ratio has reached a record high of 35%, with 42.3M coins staked, contributing to a steady demand environment despite Q2 headwinds.

The U.S Spot ETH ETF complex, which had been a net seller in Q2, reversed course in July and became a net buyer, hauling in over 34K ETH this week alone, the largest inflows since October last year.